USD is regaining strength against the EUR and JPY as stocks turn sharply up in the last 24 hours. We see room for more gains on S&P500 and DAX, which means that the US currency can stay in uptrend. On the EURUSD chart, we expected new lows on EURUSD, which were achieved during Asian trading hours. We see a price action in black on wave 5, which could stay bearish all the way down to 1.0580 this week. In the meantime, any bounce should be short-term and should not move beyond the blue wave (ii).
German DAX keeps trading higher with an impulsive price action. We see index turning back towards 11053 as a decline from that high was made by three waves; thus a corrective move. That said, expect more gains after any pullback. The current price action is testing the trend line expected to be broken soon and may cause a rally up to 11000; temporary resistance for a black wave 3 as shown on the chart.
German DAX, 1HGet the 5 most predictable currency pairs